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LONDON - Tortilla Mexican Grill plc (LSE:MEX) has secured a new £12.5 million debt facility with Santander (BME:SAN) UK plc, replacing its existing £10 million arrangement that was set to mature in September 2026, according to a company press release.
The refinancing includes a three-year term until June 2028, with options to extend for up to two additional years. The interest rate will be determined as SONIA plus a margin range between 2.75% and 4.00% based on net leverage ratio.
The enhanced facility provides £2.5 million more than the previous arrangement, with £2.5 million allocated as an overdraft facility. The company also maintains €1.03 million in debt facilities in France, bringing total available debt facilities to £13.4 million at the Group level.
In a separate announcement, Chief Financial Officer Maria Denny will step down from the Board and leave the company effective September 30, 2025. Josie Whelan, currently Head of Commercial Finance, will serve as interim CFO until a permanent replacement is found.
Tortilla operates 81 locations in the UK, 27 in France, and 12 franchise stores in the Middle East. The company stated the new financing will support UK growth through technology and marketing investments while enabling refurbishment of sites acquired in France last year.
CEO Andy Naylor noted the refinancing will allow the company to "invest further in growth initiatives" and "accelerate the launch of Tortilla into the European market, starting with France."
The company indicated there are no changes to its current guidance.
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